Outlook 2023 India

NEW SUPPLY (MSF) MUMBAI

NEW SUPPLY

 New supply for 2022 is expected to reach 3.75 msf.  Supply during 2023 and 2024 is likely to total ~12 msf with peripheral submarkets like Thane, Andheri Kurla and Thane Belapur Road accounting for ~60% of the supply.  Supply volume beyond 2024 is expected to rise further with ~15 msf space likely to be added during 2024-2025. Approximately 30% of this supply is at the land stage currently and could see delays in project starts if economic uncertainties persists.

9

FORECAST

8

7

6

5

4

3

2

1

0

2020

2021

2022F

2023F

2024F

2025F

2026F

Source: Cushman & Wakefield